The Australian government has announced significant investments in the clean energy sector as part of its 2024-2025 budget. These investments include allocating $5.34 B for H₂ production and technology over the next decade, with an additional $2 B through the Australian Renewable Energy Agency (ARENA) to support the commercialization of clean energy technologies. The government aims to advance the development of the sustainable finance sector and support its climate goals established in 2022, which include reducing greenhouse gas emissions by 43% by 2030 and achieving net zero by 2050.

These investments align with global efforts toward cleaner energy systems, particularly as major economies like the U.S. and the EU also prioritize energy transition investments. The focus on H₂ as a key component for industries with difficult-to-abate emissions underscores the importance of renewable energy solutions. The budget introduces initiatives such as the H₂ Production Tax Incentive and the H₂ Headstart program to support renewable H₂ projects and stimulate innovation in priority sectors like green metals, batteries, and low-carbon fuels.

For the original story, visit: https://www.esgtoday.com/australia-invests-over-5-billion-to-develop-clean-hydrogen-sector/